Stocks making the biggest moves premarket: Intel, Tesla, Dave & Buster’s, Paramount and more

Here’s an update on the companies causing a stir in premarket trading.

Intel’s shares took a tumble of over 4% as the tech giant disclosed escalating operating losses in its semiconductor manufacturing segment. The reported loss of $7 billion in 2023 marks a significant leap from the $5.2 billion loss a year back.

Tesla, the electric vehicle manufacturer, witnessed a near 1% dip in share value after dramatic price target cuts by Deutsche Bank and Guggenheim. These revisions follow Tesla’s surprisingly underwhelming Q1 delivery numbers.

Paramount Global’s shares saw an uptick of 2.5% following a New York Times report hinting at possible exclusive sale talks with media giant Skydance.

Dave & Buster’s experienced a 5% boost in share value as the dining and entertainment chain upped its share repurchase authorization by $100 million, elevating the total share repurchase authorization to $200 million. This, despite reporting less than stellar Q4 earnings and revenue.

Shares of egg producer, Cal-Maine Foods, rose 7% on the back of $3 earnings per share and $703 million in revenue for the last quarter. This was, in part, due to rising market prices in the third fiscal quarter, triggered by an outbreak of highly pathogenic avian influenza (HPAI) and usual seasonal shifts. Sales volumes also showed a 3% upswing.

However, chipmaker Wolfspeed’s shares fell by 2% after Wells Fargo downgraded the stock from an overweight rating to equal weight. The downgrade was due to Tesla’s falling fortunes impacting growth. Wells Fargo also cut its price target for Wolfspeed to $30 from $55.

Finally, Ally Financial saw a 2% slide in shares after a downgrade from neutral to underweight by Morgan Stanley. Despite the lender’s stock soaring over 50% since early October, analyst Richard Shane views limited growth potential based on the current valuation.